What is Houlihan Lokey Inc's earnings per share (EPS)?

Houlihan Lokey Inc (HLI) reported diluted earnings per share of $6.22 for fiscal year 2026. This represents a 6.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Houlihan Lokey Inc Financials

HLI

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE March

This page shows Houlihan Lokey Inc (HLI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 13 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI HLI FY2025 2026-05-22

Asset-light economics let revenue recover into outsized cash generation because routine reinvestment and balance-sheet demands stay unusually small.

By FY2025, free cash flow reached $808.9M while net income was $399.7M, a wider cash-profit gap than in the prior two years. With capital expenditures only $39.7M, the cash surge points to more favorable cash timing on top of earnings recovery, not just higher reported profit.

FY2025 revenue moved above the prior FY2022 peak, yet operating margin at 21.0% remained below FY2022's 27.0%; the rebound restored activity faster than it restored incremental profitability. That pattern suggests a cost structure tied to revenue, where compensation and other operating expenses rise quickly when business improves, so not every recovered dollar drops through at peak rates.

Capital intensity stayed low: FY2025 capital spending was just $39.7M against $808.9M of free cash flow. That helps explain how the company could return cash to shareholders and still finish the year with $971.0M in cash, making liquidity look sturdier than a simple liabilities figure would imply.

Financial Health Signals

Financial Health Score 54/100

Scored as: Banks peer group

Scored against banks for FY2026. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Houlihan Lokey Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Earnings

Growth

Capital

Stability

Piotroski F-Score Partial

3/6

Houlihan Lokey Inc passes 3 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 3 of 4 profitability signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

1.65x

For every $1 of reported earnings, Houlihan Lokey Inc generates $1.65 in operating cash flow ($704.1M OCF vs $425.7M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$2.6B

YoY+9.5%

5Y CAGR+11.4%

Houlihan Lokey Inc generated $2.6B in revenue in fiscal year 2026. This represents an increase of 9.5% from the prior year.

EBITDA

$569.7M

YoY+4.7%

5Y CAGR+6.1%

10Y CAGR+15.6%

Houlihan Lokey Inc's EBITDA was $569.7M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 4.7% from the prior year.

Net Income

$425.7M

YoY+6.5%

5Y CAGR+6.4%

10Y CAGR+19.8%

Houlihan Lokey Inc reported $425.7M in net income in fiscal year 2026. This represents an increase of 6.5% from the prior year.

EPS (Diluted)

$6.22

YoY+6.9%

5Y CAGR+6.5%

10Y CAGR+18.9%

Houlihan Lokey Inc earned $6.22 per diluted share (EPS) in fiscal year 2026. This represents an increase of 6.9% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$681.8M

YoY-15.7%

5Y CAGR+3.8%

10Y CAGR+76.4%

Houlihan Lokey Inc generated $681.8M in free cash flow in fiscal year 2026, representing cash available after capex. This represents a decrease of 15.7% from the prior year.

Cash & Debt

$1.2B

YoY+22.5%

5Y CAGR+7.0%

10Y CAGR+21.8%

Houlihan Lokey Inc held $1.2B in cash against $0 in long-term debt as of fiscal year 2026.

Dividends Per Share

$0.70

10Y CAGR+8.8%

Houlihan Lokey Inc paid $0.70 per share in dividends in fiscal year 2026.

Shares Outstanding

54M

Houlihan Lokey Inc had 54M shares outstanding in fiscal year 2026.

Margins & Returns

Gross Margin

22.2%

YoY-10.1pp

5Y CAGR-12.0pp

Houlihan Lokey Inc's gross margin was 22.2% in fiscal year 2026, indicating the percentage of revenue retained after direct costs. This is down 10.1 percentage points from the prior year.

Operating Margin

20.1%

YoY-0.9pp

5Y CAGR-6.6pp

Houlihan Lokey Inc's operating margin was 20.1% in fiscal year 2026, reflecting core business profitability. This is down 0.9 percentage points from the prior year.

Net Margin

16.3%

YoY-0.5pp

5Y CAGR-4.2pp

Houlihan Lokey Inc's net profit margin was 16.3% in fiscal year 2026, showing the share of revenue converted to profit. This is down 0.5 percentage points from the prior year.

Return on Equity

18.2%

YoY-0.2pp

5Y CAGR-4.4pp

10Y CAGR+7.5pp

Houlihan Lokey Inc's ROE was 18.2% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is down 0.2 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$175.4M

YoY+234.1%

5Y CAGR+11.4%

Houlihan Lokey Inc spent $175.4M on share buybacks in fiscal year 2026, returning capital to shareholders by reducing shares outstanding. This represents an increase of 234.1% from the prior year.

Capital Expenditures

$22.3M

YoY-43.8%

5Y CAGR+9.5%

10Y CAGR+9.0%

Houlihan Lokey Inc invested $22.3M in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents a decrease of 43.8% from the prior year.

HLI Income Statement

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Revenue	$2.6B+9.5%	$2.4B+24.8%	$1.9B+5.8%	$1.8B-20.3%	$2.3B+48.8%	$1.5B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	$581.2M-24.7%	$772.3M+35.2%	$571.1M+2.5%	$557.1M-30.0%	$795.3M+52.5%	$521.4M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$1.6B+9.5%	$1.5B+24.8%	$1.2B+5.8%	$1.1B-21.0%	$1.4B+45.0%	$971.2M
Operating Income	$527.0M+4.9%	$502.6M+34.7%	$373.2M+9.2%	$341.7M-44.2%	$612.9M+50.2%	$408.2M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$138.1M+4.9%	$131.6M+19.4%	$110.2M+58.0%	$69.8M-57.9%	$165.6M+71.7%	$96.5M
Net Income	$425.7M+6.5%	$399.7M+42.6%	$280.3M+10.3%	$254.2M-41.9%	$437.8M+40.0%	$312.8M
EPS (Diluted)	$6.22+6.9%	$5.82+41.6%	$4.11+9.3%	$3.76-41.3%	$6.41+40.9%	$4.55

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	$635.6M-11.4%	$717.1M+8.7%	$659.5M+8.9%	$605.3M-9.2%	$666.4M+5.0%	$634.4M+10.3%	$575.0M+11.9%	$513.6M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	$230.7M+3.5%	$222.8M+18.7%	$187.8M-16.9%	$226.0M+13.5%	$199.1M+4.8%	$190.0M+20.8%	$157.2M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$390.9M-11.4%	$441.0M+8.7%	$405.6M+8.9%	$372.3M-9.2%	$409.9M+5.0%	$390.2M+10.3%	$353.6M+11.9%	$315.9M
Operating Income	$125.1M-22.1%	$160.7M+6.2%	$151.3M+68.5%	$89.8M-36.3%	$141.1M+3.6%	$136.1M+4.2%	$130.7M+37.9%	$94.7M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$36.2M-31.8%	$53.1M+10.0%	$48.3M+9236.9%	$517K-98.2%	$28.3M-43.1%	$49.8M+17.1%	$42.5M+289.1%	$10.9M
Net Income	$99.8M-14.3%	$116.5M+4.3%	$111.8M+14.6%	$97.5M-20.0%	$121.9M+27.9%	$95.3M+1.9%	$93.5M+5.2%	$88.9M
EPS (Diluted)	N/A	$1.70+4.3%	$1.63+14.8%	$1.42	N/A	$1.39+1.5%	$1.37+5.4%	$1.30

HLI Balance Sheet

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Total Assets	$4.3B+12.8%	$3.8B+20.5%	$3.2B+6.8%	$3.0B+2.8%	$2.9B+19.0%	$2.4B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$1.2B+22.5%	$971.0M+34.6%	$721.2M+1.0%	$714.4M-14.3%	$833.7M-1.6%	$846.9M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$228.3M-11.3%	$257.3M+28.9%	$199.6M+9.7%	$182.0M+26.4%	$144.0M+32.9%	$108.4M
Goodwill	$1.4B+8.7%	$1.3B+13.9%	$1.1B+3.7%	$1.1B+1.6%	$1.1B+59.5%	$671.1M
Total Liabilities	$1.9B+12.8%	$1.6B+23.3%	$1.3B-1.6%	$1.4B-6.1%	$1.4B+38.4%	$1.0B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	$55.9M
Total Equity	$2.3B+7.7%	$2.2B+18.4%	$1.8B+13.9%	$1.6B+11.7%	$1.4B+4.3%	$1.4B
Retained Earnings	$1.6B+18.0%	$1.4B+19.9%	$1.2B+12.6%	$1.0B+12.0%	$922.2M+53.7%	$600.1M

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Total Assets	$4.3B+9.5%	$3.9B+3.8%	$3.8B+7.8%	$3.5B-7.9%	$3.8B+9.9%	$3.5B+8.2%	$3.2B+9.2%	$2.9B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$1.2B+12.6%	$1.1B+14.4%	$923.6M+16.3%	$793.8M-18.2%	$971.0M+21.5%	$799.3M+15.6%	$691.4M+53.8%	$449.7M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$228.3M+8.3%	$210.9M-16.0%	$251.2M+15.1%	$218.2M-15.2%	$257.3M+54.4%	$166.7M-23.9%	$219.1M+13.8%	$192.6M
Goodwill	$1.4B+8.0%	$1.3B+0.1%	$1.3B-0.2%	$1.3B+0.8%	$1.3B+0.3%	$1.3B+8.7%	$1.2B+0.2%	$1.2B
Total Liabilities	$1.9B+13.0%	$1.6B+6.2%	$1.5B+15.4%	$1.3B-18.5%	$1.6B+17.9%	$1.4B+11.1%	$1.3B+12.8%	$1.1B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$2.3B+2.1%	$2.3B+2.1%	$2.2B+3.2%	$2.2B+0.1%	$2.2B+4.5%	$2.1B+6.3%	$2.0B+7.0%	$1.8B
Retained Earnings	$1.6B+3.6%	$1.6B+4.8%	$1.5B+4.6%	$1.4B+3.9%	$1.4B+6.1%	$1.3B+4.4%	$1.3B+4.4%	$1.2B

HLI Cash Flow Statement

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Operating Cash Flow	$704.1M-17.0%	$848.6M+158.4%	$328.5M+141.0%	$136.3M-81.5%	$736.6M+27.0%	$579.8M
Capital Expenditures	$22.3M-43.8%	$39.7M-40.5%	$66.7M+31.5%	$50.7M+484.5%	$8.7M-38.6%	$14.1M
Free Cash Flow	$681.8M-15.7%	$808.9M+209.1%	$261.7M+206.0%	$85.5M-88.2%	$727.9M+28.7%	$565.7M
Investing Cash Flow	$2.2M+100.8%	-$265.1M-276.5%	-$70.4M-2243.7%	-$3.0M+98.9%	-$273.9M-174.6%	-$99.7M
Financing Cash Flow	-$492.9M-49.8%	-$329.1M-31.3%	-$250.6M-4.2%	-$240.5M+47.6%	-$459.1M-1611.4%	-$26.8M
Dividends Paid	$174.0M+5.3%	$165.2M+11.3%	$148.5M+5.7%	$140.4M+22.3%	$114.8M+24.8%	$92.0M
Share Buybacks	$175.4M+234.1%	$52.5M+110.5%	$25.0M-48.7%	$48.7M-84.0%	$304.8M+198.2%	$102.2M

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Operating Cash Flow	$293.0M+34.6%	$217.7M-33.0%	$325.0M+346.9%	-$131.6M-136.7%	$358.4M+35.0%	$265.5M-8.2%	$289.2M+548.3%	-$64.5M
Capital Expenditures	$6.3M+878.1%	$639K-71.4%	$2.2M-83.0%	$13.2M-8.9%	$14.5M+276.1%	$3.9M-63.3%	$10.5M-3.5%	$10.9M
Free Cash Flow	$286.8M+32.1%	$217.0M-32.8%	$322.8M+322.9%	-$144.8M-142.1%	$343.9M+31.4%	$261.7M-6.1%	$278.7M+469.7%	-$75.4M
Investing Cash Flow	-$49.6M-187.9%	$56.4M+149.4%	-$114.3M-204.2%	$109.6M+203.1%	-$106.3M-21.7%	-$87.4M-183.0%	-$30.9M+23.6%	-$40.4M
Financing Cash Flow	-$92.8M+29.4%	-$131.4M-82.1%	-$72.1M+63.3%	-$196.6M-115.9%	-$91.1M-143.8%	-$37.4M+4.5%	-$39.1M+75.8%	-$161.5M
Dividends Paid	$39.2M-3.6%	$40.6M-2.7%	$41.8M-20.4%	$52.5M+36.2%	$38.5M+4.0%	$37.0M-3.6%	$38.4M-25.1%	$51.3M
Share Buybacks	$50.0M-43.1%	$87.9M+195.7%	$29.7M+280.5%	$7.8M-85.0%	$52.2M+60583.7%	$86K	$0-100.0%	$240K

HLI Financial Ratios

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Gross Margin	22.2%-10.1pp	32.3%+2.5pp	29.8%-1.0pp	30.8%-4.2pp	35.0%+0.9pp	34.2%
Operating Margin	20.1%-0.9pp	21.0%+1.5pp	19.5%+0.6pp	18.9%-8.1pp	27.0%+0.2pp	26.8%
Net Margin	16.3%-0.5pp	16.7%+2.1pp	14.6%+0.6pp	14.1%-5.2pp	19.3%-1.2pp	20.5%
Return on Equity	18.2%-0.2pp	18.4%+3.1pp	15.3%-0.5pp	15.8%-14.6pp	30.3%+7.7pp	22.6%
Return on Assets	9.9%-0.6pp	10.5%+1.6pp	8.8%+0.3pp	8.6%-6.6pp	15.2%+2.3pp	12.9%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.79+0.0	0.76+0.0	0.73-0.1	0.84-0.2	1.00+1.0	0.04
FCF Margin	26.1%-7.8pp	33.9%+20.2pp	13.7%+8.9pp	4.7%-27.3pp	32.1%-5.0pp	37.1%

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Gross Margin	N/A	32.2%-1.6pp	33.8%+2.8pp	31.0%-2.9pp	33.9%+2.5pp	31.4%-1.7pp	33.0%+2.4pp	30.6%
Operating Margin	19.7%-2.7pp	22.4%-0.5pp	22.9%+8.1pp	14.8%-6.3pp	21.2%-0.3pp	21.4%-1.3pp	22.7%+4.3pp	18.4%
Net Margin	15.7%-0.5pp	16.3%-0.7pp	17.0%+0.8pp	16.1%-2.2pp	18.3%+3.3pp	15.0%-1.3pp	16.3%-1.0pp	17.3%
Return on Equity	4.3%-0.8pp	5.1%+0.1pp	5.0%+0.5pp	4.5%-1.1pp	5.6%+1.0pp	4.6%-0.2pp	4.8%-0.1pp	4.9%
Return on Assets	2.3%-0.6pp	3.0%+0.0pp	2.9%+0.2pp	2.8%-0.4pp	3.2%+0.4pp	2.7%-0.2pp	2.9%-0.1pp	3.0%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.79+0.1	0.72+0.0	0.69+0.1	0.62-0.1	0.76+0.1	0.67+0.0	0.64+0.0	0.61
FCF Margin	45.1%+14.8pp	30.3%-18.7pp	48.9%+72.9pp	-23.9%-75.5pp	51.6%+10.4pp	41.2%-7.2pp	48.5%+63.2pp	-14.7%

Similar Companies

Evercore EVR

$13.1B

Jefferies Financial Group JEF

$10.7B

Stifel Fin Corp SF

$11.6B

Tradeweb Markets TW

$20.7B

Lpl Financial LPLA

$24.9B

Frequently Asked Questions

What is Houlihan Lokey Inc's annual revenue?

Houlihan Lokey Inc (HLI) reported $2.6B in total revenue for fiscal year 2026. This represents a 9.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Houlihan Lokey Inc's revenue growing?

Houlihan Lokey Inc (HLI) revenue grew by 9.5% year-over-year, from $2.4B to $2.6B in fiscal year 2026.

Is Houlihan Lokey Inc profitable?

Yes, Houlihan Lokey Inc (HLI) reported a net income of $425.7M in fiscal year 2026, with a net profit margin of 16.3%.

What is Houlihan Lokey Inc's EBITDA?

Houlihan Lokey Inc (HLI) had EBITDA of $569.7M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.

What is Houlihan Lokey Inc's gross margin?

Houlihan Lokey Inc (HLI) had a gross margin of 22.2% in fiscal year 2026, indicating the percentage of revenue retained after direct costs of goods sold.

What is Houlihan Lokey Inc's operating margin?

Houlihan Lokey Inc (HLI) had an operating margin of 20.1% in fiscal year 2026, reflecting the profitability of core business operations before interest and taxes.

What is Houlihan Lokey Inc's net profit margin?

Houlihan Lokey Inc (HLI) had a net profit margin of 16.3% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.

Does Houlihan Lokey Inc pay dividends?

Yes, Houlihan Lokey Inc (HLI) paid $0.70 per share in dividends during fiscal year 2026.

What is Houlihan Lokey Inc's return on equity (ROE)?

Houlihan Lokey Inc (HLI) has a return on equity of 18.2% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.

What is Houlihan Lokey Inc's free cash flow?

Houlihan Lokey Inc (HLI) generated $681.8M in free cash flow during fiscal year 2026. This represents a -15.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Houlihan Lokey Inc's operating cash flow?

Houlihan Lokey Inc (HLI) generated $704.1M in operating cash flow during fiscal year 2026, representing cash generated from core business activities.

What are Houlihan Lokey Inc's total assets?

Houlihan Lokey Inc (HLI) had $4.3B in total assets as of fiscal year 2026, including both current and long-term assets.

What are Houlihan Lokey Inc's capital expenditures?

Houlihan Lokey Inc (HLI) invested $22.3M in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.

Does Houlihan Lokey Inc buy back shares?

Yes, Houlihan Lokey Inc (HLI) spent $175.4M on share buybacks during fiscal year 2026, returning capital to shareholders by reducing shares outstanding.

How many shares does Houlihan Lokey Inc have outstanding?

Houlihan Lokey Inc (HLI) had 54M shares outstanding as of fiscal year 2026.

What is Houlihan Lokey Inc's debt-to-equity ratio?

Houlihan Lokey Inc (HLI) had a debt-to-equity ratio of 0.79 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Houlihan Lokey Inc's return on assets (ROA)?

Houlihan Lokey Inc (HLI) had a return on assets of 9.9% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.

What is Houlihan Lokey Inc's Piotroski F-Score?

Houlihan Lokey Inc (HLI) has a Piotroski F-Score of 3 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Houlihan Lokey Inc's earnings high quality?

Houlihan Lokey Inc (HLI) has an earnings quality ratio of 1.65x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Houlihan Lokey Inc?

Houlihan Lokey Inc (HLI) scores 54 out of 100 on our Financial Health Score, indicating moderate standing within its banks peer group. The score is a 0-100 composite of six dimensions (Earnings, Growth, Capital, Efficiency, Credit Quality, Stability), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.